Nigerian senate approves external borrowing of $5.5bn

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The Nigerian Senate on Tuesday approved a $5.5 billion external loan request by the President.

Out of this $3 billion is external loan and $2.5 billion is to raised as Eurobond or Diaspora bond in the international market.

The money will be used to fund the 2017 budget and to refinance maturing domestic debts, President Muhammadu Buhari has said.

The president in a letter had said that the borrowing would not lead to a further increase in the public debt.

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